A senior official of Tata Steel said it was a "routine meeting".
"We see lot of opportunities for synergies because it is a mill and (has) configuration with which we are very familiar. We know the blast furnace. It has rolling mill with excess capacity. It is close to where we are currently operating. It takes years to build a plant, It took 10 years for Kalinganagar," Narendran told reporters.
On a petition filed by Bhushan Steel promoter Neeraj Singal in NCLAT challenging the eligibility of Tata Steel as resolution applicant under Section 29 A of the Insolvency and Bankruptcy Code, he said: "Tata Steel has gone through the process. I understand it is difficult to lose an asset which you have created".
The National Company Law Appellate Tribunal (NCLAT) today declined to stay Tata Steel's acquisition of Bhushan Steel under the corporate insolvency resolution process and issued notices to Tata Steel, the resolution professional and Committee of Creditors (CoC) of Bhushan Steel on the petition filed Singal challenging the sale.
Tata Steel has won the bid to acquire Bhushan Steel Ltd (BSL) in an insolvency auction. The company has also successfully completed the acquisition of controlling stake of 72.65 per cent in Bhushan Steel Ltd (BSL) through its wholly-owner subsidiary Bamnipal Steel Ltd (BNPL).
As per the company's website, it is the third largest secondary steel producer in the country with annual capacity of 5.6 million tonnes.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)